Terms Used In South Carolina Code > Title 11 > Chapter 18 - South Carolina Volume Cap Allocation Act

• Active member: means an employee who is compensated by an employer participating in the system and who is making regular retirement contributions to the system. See South Carolina Code 9-1-10
• Actuarial equivalent: means a benefit of equal value when computed upon the basis of mortality tables adopted by the board and regular interest. See South Carolina Code 9-1-10
• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Beneficiary: means a person in receipt of a pension, an annuity, a retirement allowance or other benefit provided under the system. See South Carolina Code 9-1-10
• Board: means the Board of Directors of the South Carolina Public Employee Benefit Authority which shall act under the provisions of this chapter through its Division of Retirement Systems. See South Carolina Code 9-1-10
• Class Three member: means an employee member of the system with an effective date of membership after June 30, 2012. See South Carolina Code 9-1-10
• Contingent beneficiary: Receiver of property or benefits if the first named beneficiary fails to receive any or all of the property or benefits in question before his (her) death.
• Creditable service: means a member's earned service, prior service, and purchased service. See South Carolina Code 9-1-10
• Earned service: means :
  
  (a) paid employment as a teacher or employee of an employer participating in the system where the teacher or employee makes regular retirement contributions to the system; or
  
  (b) service rendered while participating in the State Optional Retirement Program, the Optional Retirement Program for Teachers and School Administrators, or the Optional Retirement Program for Publicly Supported Four Year and Postgraduate Institutions of Higher Education that has been purchased pursuant to § 9-1-1140(F); or
  
  (c) service earned as a participant in the system, the South Carolina Police Officers Retirement System, the Retirement System for Members of the General Assembly, or the Retirement System for Judges and Solicitors that is transferred to or purchased in the system. See South Carolina Code 9-1-10
• Employee: means :
  
  (a) to the extent compensated by this State, an employee, agent, or officer of the State or any of its departments, bureaus, and institutions, other than the public schools, whether the employee is elected, appointed, or employed;
  
  (b) the president, dean, professor, or teacher or any other person employed in any college, university, or educational institution of higher learning supported by and under the control of the State;
  
  (c) an employee, agent, or officer of a county, municipality, or school district, or an agency or department of any of these, which has been admitted to the system under the provisions of § 9-1-470, to the extent the employee, agent, or officer is compensated for services from public funds;
  
  (d) an employee of the extension service and any other employee a part of whose salary or wage is paid by the federal government if the federal funds from which the salary or wage is paid before disbursement become state funds;
  
  (e) an employee of a service organization, the membership of which is composed solely of persons eligible to be teachers or employees as defined by this section, if the compensation received by the employees of the service organization is provided from monies paid by the members as dues or otherwise, or from funds derived from public sources and if the employee contributions prescribed by this title are paid from the funds of the service organization;
  
  (f) an employee of an alcohol and drug abuse planning agency authorized to receive funds pursuant to § 61-12-20;
  
  (g) an employee of a local council on aging or other governmental agency providing aging services funded by the Department on Aging. See South Carolina Code 9-1-10
• Employer: means this State, a county board of education, a district board of trustees, the board of trustees or other managing board of a state-supported college or educational institution, or any other agency of this State by which a teacher or employee is paid; the term "employer" also includes a county, municipality, or other political subdivision of the State, or an agency or department of any of these, which has been admitted to the system under the provisions of § 9-1-470, a service organization referred to in item (11)(e) of this section, an alcohol and drug abuse planning agency authorized to receive funds pursuant to § 61-12-20, and a local council on aging or other governmental agency providing aging services funded by the Department on Aging. See South Carolina Code 9-1-10
• Germane: On the subject of the pending bill or other business; a strict standard of relevance.
• Member: means a teacher or employee included in the membership of the system as provided in Article 5 of this chapter. See South Carolina Code 9-1-10
• Prior service: means service rendered as a teacher or employee before July 1, 1945, for which credit is allowable under Article 7 of this chapter. See South Carolina Code 9-1-10
• Public school: means a school conducted within this State under the authority and supervision of a duly elected or appointed school district board of trustees. See South Carolina Code 9-1-10
• Regular interest: means interest compounded annually at a rate determined by the board in accordance with § 9-1-280. See South Carolina Code 9-1-10
• Retirement: means the withdrawal from active service with a retirement allowance granted under the system. See South Carolina Code 9-1-10
• Retirement allowance: means the sum of the employer annuity and the employee annuity or any optional benefit payable in lieu of the annuity. See South Carolina Code 9-1-10
• Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
• system: means the South Carolina Retirement System established under § 9-1-20. See South Carolina Code 9-1-10
• Teacher: means a classroom teacher employed in the public schools supported by this State as determined by the board. See South Carolina Code 9-1-10